Inox Wind Limited is a part of the Inox Group. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors.[1]Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.
Products[1]The Co. manufactures and distributes wind turbine generator components such as nacelles, hubs, rotor blade sets, and tubular towers, as well as offers wind resource assessment, site acquisition, infrastructure development, and operations and maintenance(O&M) of wind power projects. Some of its products include Inox DF 93, Inox DF 100 & Inox DF 113. It is amongst the few wind OEMs in India offering plug & play turnkey solutions and post-commissioning O&M services; Product portfolio includes 2MW & 3MW WTGs (under production) & 4MW (license secured). ** Company is planning for Commercial launch of 4.X MW WTG platform**.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | A B B | 5291.50 | 63.48 | 112175.34 | 0.83 | 409.04 | -7.17 | 3310.72 | 13.69 | 38.65 | 13010.65 | 16.56 | 1766.99 | 408.88 | 15.59 | 16.04 | 0.01 |
| 2. | Siemens | 3130.00 | 66.06 | 111471.07 | 0.38 | 485.40 | -7.14 | 5171.20 | 16.02 | 15.83 | 17364.20 | 11.56 | 1687.44 | 484.90 | 8.43 | 7.46 | 0.01 |
| 3. | B H E L | 303.55 | 189.24 | 105698.03 | 0.16 | 374.89 | 253.17 | 7511.80 | 14.09 | 4.87 | 29269.17 | 4.03 | 558.54 | 374.89 | 4.33 | 0.81 | 0.45 |
| 4. | CG Power & Ind | 636.80 | 93.86 | 100287.25 | 0.20 | 284.44 | 29.76 | 2922.79 | 21.14 | 37.48 | 11069.29 | 12.97 | 1068.45 | 286.72 | 13.44 | 14.53 | 0.02 |
| 5. | Siemens Ener.Ind | 2603.30 | 84.27 | 92703.55 | 0.00 | 359.60 | – | 2645.70 | – | 38.52 | 7826.70 | 19.34 | 1100.10 | 359.60 | 21.16 | 13.26 | 0.03 |
| 6. | Hitachi Energy | 19593.80 | 121.88 | 87421.64 | 0.03 | 264.36 | 405.57 | 1832.55 | 17.94 | 19.44 | 6815.40 | 12.60 | 717.23 | 264.36 | 19.05 | 5.77 | 0.02 |
| 7. | GE Vernova T&D | 3143.20 | 87.52 | 80498.62 | 0.16 | 299.48 | 107.08 | 1538.46 | 38.88 | 54.74 | 5094.78 | 23.87 | 919.85 | 299.48 | 38.58 | 14.76 | 0.01 |
| 8. | Inox Wind | 122.95 | 36.14 | 21243.49 | 0.00 | 246.88 | 284.73 | 947.42 | 39.78 | 11.83 | 3877.28 | 19.01 | 587.74 | 246.88 | 3.48 | 6.53 | 0.12 |
| – | Median: 37 Co. | 540.25 | 48.8 | 6732.6 | 0.03 | 37.35 | 41.39 | 460.03 | 24.34 | 28.09 | 1522.91 | 13.99 | 169.5 | 45.14 | 6.21 | 12.29 | 0.11 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 177 | 495 | 928 | 289 | 607 | 716 | 153 | 471 | 1,286 | 81 | 330 | 678 | 947 |
Expenses | 375 | 445 | 754 | 290 | 509 | 567 | 194 | 415 | 1,052 | 117 | 319 | 585 | 767 |
Operating Profit | -198 | 50 | 174 | -1 | 98 | 149 | -41 | 56 | 234 | -37 | 11 | 93 | 181 |
Other Income | 241 | -11 | 4 | -15 | 21 | 7 | 7 | -115 | 11 | 6 | -14 | 12 | 178 |
Profit before tax | -26 | -7 | 134 | -67 | 70 | 116 | -88 | -101 | 201 | -100 | -54 | 64 | 306 |
Tax % | 0% | 0% | 56% | 0% | 0% | 25% | 0% | -1% | 6% | 0% | 0% | -0% | 19% |
Net Profit | -26 | -7 | 59 | -67 | 70 | 87 | -88 | -100 | 190 | -100 | -54 | 64 | 247 |
EPS in Rs | -0.22 | -0.05 | 0.42 | -0.49 | 0.51 | 0.50 | -0.63 | -0.72 | 1.37 | -0.85 | -0.39 | 0.46 | 1.43 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,397 | 2,483 | 3,874 | 2,853 | 198 | 1,345 | 528 | 504 | 518 | 583 | 1,587 | 3,499 | 3,877 |
Expenses | 1,212 | 2,035 | 3,161 | 2,441 | 297 | 1,238 | 746 | 716 | 808 | 907 | 1,474 | 2,903 | 3,140 |
Operating Profit | 185 | 448 | 714 | 412 | -99 | 107 | -219 | -212 | -290 | -324 | 113 | 596 | 737 |
Other Income | 20 | 73 | 83 | 120 | 34 | 45 | 63 | 116 | 88 | 263 | -152 | 51 | 200 |
Interest | 46 | 63 | 103 | 150 | 139 | 112 | 152 | 172 | 183 | 213 | 141 | 123 | 122 |
Depreciation | 11 | 19 | 30 | 34 | 36 | 38 | 41 | 39 | 38 | 40 | 46 | 54 | 58 |
Profit before tax | 146 | 440 | 664 | 348 | -240 | 2 | -349 | -307 | -423 | -315 | -226 | 470 | 757 |
Net Profit | 145 | 332 | 476 | 256 | -157 | 1 | -227 | -196 | -274 | -315 | -226 | 384 | 582 |
EPS in Rs | 1.70 | 3.51 | 5.05 | 2.71 | -1.66 | 0.01 | -2.40 | -2.07 | -2.90 | -2.27 | -1.63 | 2.77 | 3.72 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 200 | 222 | 222 | 222 | 222 | 222 | 222 | 222 | 222 | 326 | 391 | 1,624 | 1,728 |
Reserves | 238 | 1,215 | 1,687 | 1,943 | 1,788 | 1,789 | 1,562 | 1,367 | 1,094 | 1,996 | 2,820 | 2,895 | 4,379 |
Borrowings | 557 | 873 | 1,456 | 1,460 | 713 | 741 | 600 | 835 | 1,684 | 1,465 | 1,442 | 1,084 | 707 |
Other Liabilities | 379 | 764 | 1,025 | 784 | 654 | 1,019 | 1,748 | 1,787 | 1,466 | 933 | 655 | 1,196 | 1,079 |
Total Liabilities | 1,373 | 3,074 | 4,390 | 4,409 | 3,377 | 3,771 | 4,133 | 4,210 | 4,466 | 4,720 | 5,307 | 6,799 | 7,893 |
Fixed Assets | 165 | 194 | 358 | 494 | 485 | 466 | 456 | 427 | 390 | 415 | 471 | 532 | 526 |
Gross Block | 196 | 244 | 389 | 558 | 585 | 604 | 628 | 637 | 639 | 700 | 822 | 936 | – |
Accumulated Depreciation | 31 | 50 | 30 | 64 | 100 | 138 | 172 | 210 | 249 | 285 | 351 | 404 | – |
CWIP | 8 | 14 | 13 | 19 | 9 | 7 | 7 | 3 | 10 | 7 | 45 | 58 | 58 |
Investments | 45 | 0 | 568 | 762 | 486 | 492 | 505 | 498 | 1,287 | 1,458 | 1,490 | 1,846 | 1,836 |
Other Assets | 1,156 | 2,867 | 3,449 | 3,135 | 2,397 | 2,805 | 3,165 | 3,283 | 2,778 | 2,839 | 3,301 | 4,364 | 5,474 |
Total Assets | 1,373 | 3,074 | 4,390 | 4,409 | 3,377 | 3,771 | 4,133 | 4,210 | 4,466 | 4,720 | 5,307 | 6,799 | 7,893 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 94 | -12 | -126 | 81 | 204 | 185 | 326 | -104 | -542 | -700 | -514 | -8 |
Cash from Investing Activity | -215 | -241 | -1,015 | 131 | 538 | -129 | -82 | -33 | -67 | -240 | 599 | 780 |
Cash from Financing Activity | 121 | 957 | 503 | -114 | -880 | -80 | -244 | 142 | 604 | 953 | -102 | -760 |
Net Cash Flow | 0 | 704 | -638 | 98 | -137 | -24 | -1 | 5 | -4 | 13 | -17 | 12 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 147 | 194 | 202 | 257 | 2,242 | 428 | 944 | 857 | 612 | 462 | 241 | 263 |
Inventory Days | 43 | 25 | 29 | 66 | 3,686 | 206 | 569 | 452 | 448 | 471 | 276 | 142 |
Days Payable | 111 | 113 | 121 | 123 | 1,602 | 249 | 585 | 467 | 280 | 257 | 105 | 126 |
Cash Conversion Cycle | 79 | 107 | 110 | 200 | 4,326 | 385 | 928 | 842 | 780 | 676 | 412 | 279 |
Working Capital Days | 53 | 77 | 38 | 71 | 1,753 | 219 | 286 | 266 | -14 | -85 | 138 | 170 |
ROCE % | 23% | 30% | 27% | 14% | -3% | 4% | -8% | -6% | -9% | -3% | 3% | 12% |
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Stock Analysis
Inox Wind Limited is a part of the Inox Group and is engaged in manufacturing Wind Turbine Generators (WTGs) and providing wind energy solutions. It is a fully integrated player in the wind energy market.
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